Mediobanca, like Nagel, slides between Unicredit, Del Vecchio and ECB
Mediobanca's words, accounts and scenarios.
Unicredit-Mediobanca wedding?
"It would be of little use to both of them – replied yesterday the number one of Mediobanca, Alberto Nagel – Combining a specialized investment bank and a group more oriented towards the universal commercial bank, in my opinion, is not very sensible from an industrial point of view. ".
What are the relations with Orcel? «I haven't met him yet, but I think there will be the conditions shortly to do so – explained Nagel – But we have heard. I am happy that a person of his background has returned to work in an Italian bank ».
So Piazzetta Cuccia will not marry or aim – at least according to official statements – on shopping relevant to growth. It remains to be seen what strong members like Leonardo Del Veccbio or Francesco Gaetano Caltagirone will say .
Let's now look at the accounts published yesterday.
“Mediobanca consolidates revenues and profits in the nine months of the year 2020-2021, surpassing analysts' estimates”, summarizes the Corriere della Sera.
The nine months closed with revenues of € 1.964 billion, up 3%, and a net profit of € 604 million, + 9%, beyond market expectations. The driving force was above all the commissions, which reached a record level of 571 million (+ 17%) for the Milanese merchant bank, and now equal to one third of total revenues.
The commissions were mainly driven by corporate and investment banking (among the latest operations carried out by the investment bank are the Euronext-Borsa Italiana merger, the delisting of Astm, the acquisition of Cerved by Ion, the hypo of Seco, Corsera recalls) and wealth management.
Few negative effects due to the pandemic: 3.4% gross NPLs (1.2% net), moratoriums on loans fell sharply to 860 million (1.7% of loans).
With solid assets of 16.3% as core tier 1, Nagel confirmed the dividend policy of a 70% payout on net earnings. Given that the ECB ban on distributing dividends expires in September and the Mediobanca shareholders' meeting is at the end of October, the Piazzetta Cuccia institute could be the first of the big banks to return to paying dividends.
Mediobanca will distribute this year up to 12 cents more (so analysts say) than the 52 cents per share that had been foreseen in the plan before Covid: it would be a record dividend, Il Sole 24 Ore points out .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/mediobanca-come-nagel-slalomeggia-fra-unicredit-del-vecchio-e-bce/ on Wed, 12 May 2021 08:14:53 +0000.